The landscape is changing furiously with regard to the Paycheck Protection Program loans, which are the forgivable loans that will be in hot demand. The U.S. Treasury has released information today, which included the application that will be used, along with a list of information for borrowers and lenders. Here are the links that you…
by Gregory S. Dowell March 31, 2020 Important Information for Business Owners and Nonprofits The Coronavirus Aid, Relief, and Economic Security Act (CARES) that was passed into law over the past weekend contains provisions that affect income taxes for individuals and businesses, as well as paid leave and unemployment benefits. CARES also included $350 billion…
July 30, 2019 by Gregory S. Dowell As reported by several news outlets, a lawsuit has been filed by KeyBank, claiming that the bank is the victim of a massive payroll fraud that was perpetrated by a payroll processing company. According to the lawsuit, KeyBank is out about $122 million dollars, which was to be…
May 21, 2019 The IRS recently released the depreciation deduction limits for passenger autos (includes trucks and vans as well) that were placed in service in 2019. If bonus first-year depreciation was taken (also known as Section 168(k) additional depreciation), the new limits are as follows: Passenger autos acquired before 9-28-17 and first placed in…
by Gary Lasker October 1, 2018 Introduction The new revenue recognition standard will become effective for most entities in 2019. This new standard created a totally new accounting model for recognizing revenue. Its purpose is to standardize the way entities recognize revenue. Some entities may have insignificant changes as a result of this new standard…
By Gary Lasker Introduction The new revenue recognition standard will become effective for most entities in 2019. This new standard created a totally new accounting model for recognizing revenue. Its purpose is to standardize the way entities recognize revenue. Some entities may have insignificant changes as a result of this new standard while other…
By Gary Lasker To properly respond to fraud, business owners need to understand why certain individuals commit fraud. The fraud triangle has become the model for providing an understanding of fraud. The basis of the fraud triangle is that every fraud has the following three elements in common: 1.) pressure (generally financial), 2.) opportunity to…
ALERT 2-16-18: Re-think general ledger accounts due to changes in the deductibility of entertainment expenses in 2018. by Gregory S. Dowell The new tax act (Tax Cuts and Jobs Act) was passed so late in December that very few business owners have had the opportunity to absorb some of the impacts. One of the changes…
by Gregory S. Dowell March 8, 2018 A recent IRS private letter ruling (PLR 201809009) indicates that an organization’s 501(c)(3) status can be revoked for failing to file an employment tax return, and for failing to respond to various IRS inquiries about the failure to file. In this particular case, the organization filed W-2 forms…
by Gregory S. Dowell September 7, 2017 Having a firm grasp on financial performance is a fundamental of every good business, and effective accounting systems don’t just happen, they come with planning. Owners who are using their professionals wisely and strategically will have consulted a CPA firm during the early planning stages of the…